Accountancy, asked by ansari9461, 1 year ago

Receipts and Payments Account do not have any opening balance. (State True or False)

Answers

Answered by Anonymous
0
FALSE....

IT HAVE TOO THAT OPENING BALANCE.
Answered by Anonymous
0

Answer:

False

Explanation:

Receipts and Payments Account do not have any opening balance. - False

The Receipts and Payments Account is also known as the Cash A/c which means that there will be an opening balance for sure.

Receipts and Payments Account is a summary of a certain period of money and bank transactions. Societies, clubs, organizations, etc. are preparing it. It's made cash-based. Any transaction not reported in the Cash Book will not also be entered in the Account of Receipts and Payments.

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